Are you a Solicitor? Are your tax affairs up to date? Are you certain?
In the latest in its series of campaigns, HMRC has recently launched the Solicitors’ Tax voluntary disclosure opportunity. Solicitors who wish to make use of the facility must notify HMRC of their intention by 9 March 2015, and make disclosure and full payment by 9 June 2015 (although payment spreading terms may be available).
Anyone who works within the legal profession as a solicitor (for themselves, in a partnership or for / as a company) can make a disclosure about their tax affairs. The campaign urges all solicitors to analyse their tax position and consider whether they are fully compliant and up to date.
If you have nothing to disclose or pay to HMRC, then this campaign is not for you. However, if you have undeclared income and have not paid the right amount of tax, now may be the time to come forward to obtain the best possible settlement terms. Provided you co-operate fully with the terms of the disclosure opportunity, you will earn the maximum reduction of any relevant penalties for the quality if disclosure and HMRC will not make your details public on their published list of deliberate defaulters.
It is worth noting that HMRC is increasingly using the information it holds on its rapidly expanding digital intelligence systems to identify people who have failed to pay the right amount of tax. Where additional taxes are due, which are not disclosed in the course of the campaign, HMRC could charge higher penalties than those that will apply under the disclosure opportunity. The penalties could be up to 100 per cent of the unpaid tax (rising to up to 200 per cent for offshore related income).
If you are a solicitor and believe you may have tax liabilities not yet fully disclosed to HMRC our team of experienced experts are available to help guide you through the complexities of disclosure and ensure your affairs are brought fully up to date. Call us today on 0845 177 5500 or use our on-line form for a free initial appraisal of your requirements.